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We all know there are three important things about real estate: location, location, location. That double repetition, which the late and great word sleuth William Safire traced back to a 1926 Chicago Tribune classified ad, is still with us because it is succinct and true.

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But when it comes to countries, these days the world’s gloomy ones have a lot in common. From Fukushima to Athens, and from Washington to Wenzhou, China, the collective refrain is that government doesn’t work.

Author Profile

Chrystia Freeland is the Managing Director and Editor, Consumer News at Thomson Reuters. Prior, she was U.S. managing editor of the Financial Times. Before that, Freeland was deputy editor of the Financial Time, in London, editor of the FT’s Weekend edition, editor of FT.com, U.K. News editor, Moscow bureau chief and Eastern Europe correspondent. From 1999 to 2001, Freeland served as deputy editor of The Globe and Mail, Canada’s national newspaper. Freeland began her career working as a stringer in Ukraine, writing for the FT, The Washington Post and The Economist.
She is the author of two books—Plutocrats: The Rise of ...